Updated – 1 June 2023

Business Innovation and Investment Program (BIIP) visa category updates

2023-24 permanent Migration Program planning levels

The 2023-24 permanent Migration Program has been set at the pre-COVID planning level of 190,000.

This is a slight reduction of 5,000 places compared with the 2023-24 permanent Migration Program planning level of 195,000 places.

Reducing the planning level for BIIP will ensure the 2023-24 permanent Migration Program has a greater focus on addressing immediate workforce shortages. It will continue to provide places to those business and investor migrants who can best contribute to Australia’s economic growth. It will also provide places to entrepreneur migrants whose innovations can increase the productivity of Australian businesses.

All States/Territories have met their BIIP nomination quotas for the 2022-23 year with 1,900 places available for the whole of 2023-24 year.

BIIP processing delays

Over 24,000 pending initial applications for the BIIP have caused many BIIP applicants to wait over 30 months for a decision – a delay the Government has publicly committed to tackle. During a speech by the Minister for Home Affairs, the Hon Clare O’Neil indicated that the BIIP program would not be abolished, but would be ‘Radically reshaped to attract migrants needed to drive innovation’. While no reports have emerged about the future of the program, it is expected to continue albeit with a much smaller quota of applicants.

Business Innovation and Investment Program (BIIP) visa category – After 1 July 2021

The following information relates to the new Business Innovation and Investment Program framework introduced from 1 July 2021.

For pre-1 July 2021 visas under the Business and Investment categories please click here.

The new Business Innovation and Investment Program provides the main avenue for successful business owners and investors who wish to establish or develop new or existing businesses in Australia, or who are interested in investing directly into the Australian economy. It is an encouraging pathway to towards Australian Permanent Residence and/or Citizenship.

There are four visa streams under the Business Innovation and Investment Program.

The Business Innovation and Investment Program include the following:

  • The Business Innovation Stream
  • The Investor Stream
  • The Significant Investor Stream

The above temporary visas offer a direct pathway to permanent residence after three years, subject to meeting certain residence, investment or business turnover requirements.

Extension options:

Where an applicant has been granted a subclass 188 visa and has held this visa for a period of at least three years, they may be entitled to apply for an extension. There are only two types of extension visas for the Subclass 188 Visas:

  • Business Innovation Extension Stream
  • Significant Investor Extension stream

The extension allows you to extend your previous visa 188, and allows you to prolong your business visa for a few years if you’re not ready to apply for permanent residency.